Read all Latest Updates on and about section 69 of the Income tax Act

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No Bar on Retaining Cash for Reasonable Period if Source Traceable: ITAT Quashes Cash Deposit Addition During Demonetisation in absence of Corroborative Evidence [Read Order]

Navasree A.M

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that there is no legal bar on an assessee retaining cash for a reasonable...

AO adds Rs. 30 crore as Unexplained Investment: ITAT restores matter in Interest of Justice with...

Demonetization Cash Deposits: ITAT directs Fresh Assessment, Gives Assessee Opportunity to Submit...

AO adds Unexplained Investment During Demonetization: ITAT Rules Addition Based on Suspicion Cannot...

ITAT remits case back to AO over Assessee's Silence & Lack of Compliance [Read Order]

Clear Violation of S. 250(6): ITAT sets aside Ex- Parte Order regarding addition on Cash Deposits of Rs. 33 Lakhs [Read Order]

In a recent ruling, the Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) set aside the ex-parte order regarding addition on cash deposits of Rs. 33 lakhs by noticing a clear violation of...

Ex-parte Dismissal and Addition of Rs.1.55 Crore as Unexplained Investment: ITAT Remands Case to AO [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) remanded the case back to the Assessing Officer (AO) for a fresh review after addressing the ex-parte dismissal and the addition of Rs. 1.55...

Addition of Rs 99.52 Lakh u/s 69 for Unexplained Loans: ITAT Refers Matter to AO [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) referred the matter back to the Assessing Officer ( AO ) regarding the addition of Rs. 99.52 lakh under section 69 of Income Tax...

NRI's Investment in Mutual Funds Held as Legitimate, ITAT Dismisses Revenue's Appeal [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Delhi Bench, upheld the decision of the Commissioner of Income Tax (Appeals) CIT(A) in a case involving unexplained investment, income...

Failure to Consider Service of Notices and Submissions Made by Assessee: ITAT Remands Matter to CIT(A) [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the matter to the Commissioner of Income Tax(Appeals) [CIT(A)] for a fair review, highlighting the failure to consider the...

Tribunal Penalizes Assessee Rs. 10,000 for Non-Compliance, Directs AO to Re-Examine Case [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) set aside the order passed by Commissioner of Income Tax (Appeals),CIT(A) and restored the matter back to the file of Jurisdictional...

Income from Wife's Investment Not taxable at hands of Husband: ITAT deletes Rs. 12 lakh protective addition [Read Order]

In a recent ruling, the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) held that the income from the wife's investment is not taxable at the hands of the husband and deleted the Rs. 12...